Revenue flow

Margins

Stage	DOW	% of rev	LYB	% of rev	Gap · A − B
Revenue	$11.3B	100.00%	$8.5B	100.00%	DOW ×1.33
Gross profit	$1.4B	12.23%	$1.5B	17.60%	LYB +5.4pp
Operating income	$741M	6.58%	$1.1B	12.55%	LYB +6.0pp
Pre-tax income	$642M	5.70%	$963M	11.33%	LYB +5.6pp
Net income	$525M	4.66%	$758M	8.92%	LYB +4.3pp

Stage	DOW	LYB	Gap · A − B
Revenue	$11.3B100.00%	$8.5B100.00%	DOW ×1.33
Gross profit	12.23%$1.4B	17.60%$1.5B	LYB +5.4pp
Operating income	6.58%$741M	12.55%$1.1B	LYB +6.0pp
Pre-tax income	5.70%$642M	11.33%$963M	LYB +5.6pp
Net income