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E-M:/ Press Release - Dow Chemical Shareholders Urge Disclosure ofDioxin Liabilities



Title: Press Release - Dow Chemical Shareholders Urge Disclos
FOR IMMEDIATE RELEASE                         FOR MORE INFORMATION
May 6, 2003                                     Shelley Alpern (617) 292-8026 ext. 248
                                                        Sanford Lewis (781) 894-0709



DOW CHEMICAL SHAREHOLDERS CHALLENGE MANAGEMENT ON DIOXIN
Investors Seek Disclosure of Company's Unreported
Environmental Liabilities



(Boston, MA) A shareholder resolution pending for the Dow Chemical (NYSE:
DOW) May 8 annual meeting asks the company to report on its liabilities
related to dioxin and other persistent toxic pollutants. The resolution is
sponsored by Trillium Asset Management, an investment firm based in Boston.


Dow is one of the largest manufacturers of dioxin generating products in the
world. Dioxins are a group of toxic substances that have been linked with
cancer, and damage to the immune, hormone and reproductive systems.

Though the company has not published projections of liabilities related to
dioxins, Dow recently disclosed other long-term toxic liabilities. In
December of 2002, Dow published projections of long-term asbestos
liabilities related to its purchase of Union Carbide two years previously.
The result was a declaration of a potential $2.2 billion in liabilities, and
$832 million charge against 4th quarter 2002 revenues.

"Given the recent disclosures on asbestos, and grave concerns about Dow
dioxin contamination, our resolution asks the management to provide
shareholders with a detailed accounting of the financial risks posed by
dioxin from Dow facilities," said Shelley Alpern, Assistant Vice President
at Trillium Asset Management.  "We're also asking the company to report on a
group of particularly toxic chemicals that don't break down in the
environment, so shareholders can assess the potential for future liability."

Dow has not disclosed the extent of liability associated with extensive
dioxin contamination downstream from the Dow facility in Midland. Last
December, Dow and the state of Michigan proposed, and later dropped, a
settlement that would have radically raised the threshold for allowable
dioxin levels near the Dow facility in Midland. Environmental organizations
had filed suit against the pact, alleging that it was illegal. The
elimination of the pact increases the likely costs of remediation.

And in March 2003, a class action was filed against Dow for property damages
and medical monitoring on behalf of 2,000 contaminated residents of
Michigan. According to the plaintiffs, the property damages alone are
estimated at $100 million.

Sanford Lewis, attorney who defended the shareholder resolution at the SEC
against a company challenge, said that Dow shareholders deserve better
disclosure. "Dow is at risk of becoming the Enron of the environment.  Will
the management avoid calculating and reporting their environmental
liabilities until someone or something forces their hand?  Will they
continue producing compounds that international treaties are targeting?"

Dow asserts that its website on dioxin contains information for investors.
But according to the proponents of the resolution, the Dow website does not
provide projections, similar to Dow's new asbestos calculations, on the
largest potential dioxin liabilities and market risks

"Dow has not informed investors on the extent of contamination at existing
Dow facilities nor quantified the associated long-term liabilities as
requested in the resolution," said Alpern. "Dow shareholders don't need
another unknown and open-ended risk."

Trillium Asset Management Corporation is the oldest and largest independent
investment advisor devoted exclusively to socially responsible investing.
Sanford Lewis is an attorney whose practice emphasizes issues of corporate
disclosure and accountability.

To view the text of the shareholder resolution and additional information
please visit www.proxyinformation.com




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