SECURITIES AND EXCHANGE COMMISSION



                             WASHINGTON, D.C. 20549



                                  SCHEDULE 13G
                               (Amendment No. 1)


                   Under the Securities Exchange Act of 1934


                                DOW CHEMICAL CO

                                (NAME OF ISSUER)


                         COMMON STOCK, $2.50 par value

                         (TITLE OF CLASS OF SECURITIES)



                                   260543103
                                   ---------
                                 (CUSIP NUMBER)





Check the following box if a fee is being paid with this statement     [X]






CUSIP NUMBER 260543103


1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON
         ----------------------------------------------------

         THE ROYAL BANK OF SCOTLAND GROUP PLC



2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
         ------------------------------------------------

                           (a)  [ ]

                           (b)  [X]



3.       SEC USE ONLY




4.       CITIZENSHIP OR PLACE OF ORGANISATION


         SCOTLAND
                                             5.       SOLE VOTING POWER
                                                      -----------------

            NUMBER OF                                 157,545 - A
            ---------                                 7,920 - B
                                                      5,790 - C
                                                      600 - D

            SHARES
            BENEFICIALLY                     6.       SHARED VOTING POWER
            OWNED BY                                  -------------------
            EACH                                      0
            REPORTING
            PERSON WITH                      7.       SOLE DISPOSITIVE POWER
            -----------                               ----------------------

                                                      5,500 - A
                                                      5,790 - C
                                                      600 - D

                                             8.       SHARED DISPOSITIVE POWER
                                                      ------------------------

                                                      144,389 - A
                                                      7,920 - B






9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
         ------------------------------------------------------------

                          162,345 - A (Citizens Bank)
                    7,920 - B (United States Trust Company)
                            5,790 - C (Coutts & Co)
                       600 - D (NatWest Stockbrokers Ltd)



10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
         --------------------------------------------------------------------






11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
         -------------------------------------------------

                  0.02%


12.      TYPE OF REPORTING PERSON

                  BK, HC





Item 1            (a)      Name of Issuer:
------

                                DOW CHEMICAL CO

                  (b)      Address of Issuer's Principal Executive Office:

                           2030 DOW CTR,
                           MIDLAND
                           MI, 48674

Item 2            (a)      Name of Person Filing:
------

                           THE ROYAL BANK OF SCOTLAND GROUP PLC

                  (b)      Address of Principal Business Office:

                              42 ST ANDREWS SQUARE
                               EDINBURGH EH2 2YE

                  (c)      Citizenship (i.e. Place of Organisation)

                           SCOTLAND

                  (d)      Title of Class of Securities:

                           COMMON STOCK, $2.50 PAR VALUE

                  (e)      CUSIP Number

                           260543103


Item 3 If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b), check
       whether the person filing is a:


                (a)  [ ]         Broker or Dealer registered under Section 15 of
                                 the Act

                (b)  [ ]         Bank as defined in Section 3(a)(6) of the Act

                (c)  [ ]         Insurance Company as defined in Section
                                 3(a)(19) of the Act

                (d)  [ ]         Investment Company registered under Section 8
                                 of the Investment Company Act

                (e)  [ ]         Investment Adviser registered under Section 203
                                 of the Investment Advisers Act of 1940

                (f)  [ ]         Employee Benefit Plan, Pension Fund which
                                 is subject to the provisions of the
                                 Employee Retirement Income Security Act
                                 of 1974 or Endowment Fund; see S240.13d-1
                                 (b)(1)(ii)(F)

                (g)  [X]         Parent Holding Company, in accordance with
                                 Section 240.13d-1 (b) (1) (ii) (G)

                (h)  [ ]         Group, in accordance with Section
                                 240.13d-1(b)(1)(ii)(H)





Item 4            Ownership.
------


                  (a)  [ ]     Currently Beneficially Owned:

                               162,345 - A
                               7,920 - B
                               5,790 - C
                               600 - D

                  (b)          Percent of Class:

                               0.02%

                  (c)          Number of Shares as to which such person has:

                               (i)   sole power to vote or to direct the vote

                                     157,545 - A
                                     7,920 - B
                                     5,790 - C
                                     600 - D

                               (ii)  shared power to vote or to direct the vote

                                     0

                               (iii) sole power to dispose or to direct the
                                     disposition of

                                     5,500 - A
                                     5,790 - C
                                     600 - D

                               (iv)  shared power to dispose or to direct the
                                     disposition of

                                     144,389 - A
                                     7,920 - B

Item 5            Ownership of Five Percent or Less of a Class
------

                  If this statement is being filed to report the fact that as
                  of the date hereof the reporting person has ceased to be the
                  beneficial owner more than five percent of the class of
                  securities, check the following [ ].


Item 6            Ownership of more than Five Percent on behalf of another
------            person

                          UNITED STATES TRUST COMPANY





Item 7            Identification and Classification of the Subsidiary Which
------            Acquired the Security Being Reported on by the Parent Holding
                  Company


                  A - CITIZENS BANK
                  B - UNITED STATES TRUST COMPANY
                  C - COUTTS & CO
                  D - NATWEST STOCKBROKERS LTD

                  IA


Item 8            Identification and Classification of Members of the Group
------

                  Not applicable


Item 9            Notice of Dissolution of the Group
------

                  Not applicable

Item 10           Certification

                  By signing below I certify that, to the best of my
                  knowledge and belief, the securities referred to above were
                  acquired in the ordinary course of business and were not
                  acquired for the purpose of and do not have the effect of
                  changing or influencing the control of the issuer of such
                  securities and were not acquired in connection with or as a
                  participant in any transaction having such purposes or
                  effect.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


FEBRUARY 15, 2001

THE ROYAL BANK OF SCOTLAND GROUP PLC

By: /s/ William David Reid Swanney
   -------------------------------------



NAME:        William David Reid Swanney


TITLE:       Director, Group Compliance