Dow--Special Purpose Entities

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					                    Dow--Special Purpose & Related Entities for 2004

     Company                                      SPE Type
    3M (MMM)          None.
    Alcoa (AA)        No material VIEs.
   Altria (MO)*       None specified.
 American Express     Securitized credit card receivables through trust; VIEs for CDOs
       (AXP)          & securitized loan trusts.
     American         SPEs for collateralized bonds & loan obligation trusts; VIEs for
International Group   real estate partnerships.
    Boeing (BA)       Various VIEs.
 Caterpillar (CAT)    Cat Financial: securitized trade receivables, originally QSPE for
                      collateralized trust obligations; VIE consolidated $2.6 billion in
  Citigroup (C)       QSPEs for securitized credit card receivables, mortgages, auto
                      loans, student loans, & corporate debt. VIEs for commercial
                      paper conduits, structured finance, collateralized debt
                      obligations, & investment vehicles.
 Coca Cola (KO)       Some bottlers now considered VIEs, some consolidated.
  Du Pont (DD)        Minor use of VIEs.
  Exxon-Mobil         VIEs mentioned.
 General Electric     SPEs for securitizing commercial & residential real estate, credit
      (GE)            card receivables, & GE trade receivables.
 General Motors       Synthetic leases, consumer finance receivables, wholesale lines
     (GM)             of credit, mortgage funding, & construction & real estate
  Hewlett-Packard     No material VIEs.
 Home Depot (HD)      Synthetic leases.
 Honeywell (HON)      No material VIEs.
     IBM (IBM)        No material VIEs.
    Intel (INTC)      No material VIEs.
J.P. Morgan ((JPM)    QSPEs for residential & commercial mortgages, credit card
                      receivables, & auto loans. VIEs used for synthetic leases &
                      asset-backed securities.
Johnson & Johnson     No material VIEs.
    McDonald’s        None listed.
   Merck (MRK)        None listed.
Microsoft (MSFT)      No material VIEs.
   Pfizer (PFE)       No material VIEs.
 Procter & Gamble     No material VIEs.

SBC Comm. (SBC)     VIE for real estate leases.
United Technology   Only states that controlled entities are consolidated.
  Verizon (VZ)      No material VIEs.
 Wal-Mart (WMT)     No material VIEs.
Walt Disney (DIS)   VIEs for foreign minority interest in Euro Disney & Hong Kong
                    International Theme Park.