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.
       (AIG)
    Boeing (BA)       Various VIEs.
 Caterpillar (CAT)    Cat Financial: securitized trade receivables, originally QSPE for
                      collateralized trust obligations; VIE consolidated $2.6 billion in
                      2004
  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.
    (XOM)
 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
                      lending.
  Hewlett-Packard     No material VIEs.
       (HPQ)
 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.
       (JNJ)
    McDonald’s        None listed.
      (MCD)
   Merck (MRK)        None listed.
Microsoft (MSFT)      No material VIEs.
   Pfizer (PFE)       No material VIEs.
 Procter & Gamble     No material VIEs.



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       (PG)
SBC Comm. (SBC)     VIE for real estate leases.
United Technology   Only states that controlled entities are consolidated.
      (UTX)
  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.




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