Letter from the CEO. Sincerely, Dr. Rajeev Gautam. President and CEO UOP LLC, A Honeywell Company

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2 Letter from the CEO UOP celebrates its 100th year in business in 2014, and in many ways our history is analogous to the development of the world s oil and gas industry. We have accomplished many great things during the last century. For that, we owe a tremendous debt of gratitude to our customers, who helped us develop and commercialize our technologies. When our company was founded, there were fewer than 2 billion people in the world, and travel was dominated by horses and steam engines. Much of every barrel of oil was used for heating and paving roads. Gasoline s primary use was as a solvent, and kerosene and natural gas were used for lighting. But the birth of UOP also coincided with the mass production of automobiles. The Dubbs process quadrupled the yield of gasoline from crude oil, ensuring that tens of millions of people had access to the fuels that allowed them to travel wherever and whenever they wanted. This was a milestone in our society. UOP s research and development led to the introduction of catalysis to refining during the 1930s, further multiplying the yield of valuable products from crude oil while raising the octane levels of these fuels. After World War II, our technologies provided the building blocks that launched the petrochemicals industry. These helped introduce the world to products made from plastic resins, films and fibers. We commercialized technologies to produce new detergents including biodegradable cleaning agents. At the birth of the environmental movement, we developed lead-free gasoline and the automobile catalytic converter. More recently, as part of Honeywell s advanced technology portfolio, UOP has developed specialized catalysts and methods to convert a wider range of feedstocks into high-quality fuels and petrochemical compounds. Today, we offer technologies to convert products from coal and natural gas into the building blocks for plastics, more efficiently convert the bottom of the barrel into valuable fuels, and make diesel and jet fuel from renewable sources. We ve also been at the front lines of the natural gas revolution, enabling quick monetization of assets through modular solutions. Reflecting on the last century of leadership and innovation in the oil and gas industry, we believe the most exciting chapters in our history haven t yet been written. Sincerely, 2 Dr. Rajeev Gautam President and CEO UOP LLC, A Honeywell Company

3 UOP s History UOP was founded on June 17, 1914 to commercialize Jesse Adams Dubbs thermal cracking process, the first conversion technology for upgrading oil. This technology was improved and commercialized by his son Carbon Dubbs, establishing UOP as a worldwide licensor of advanced refining technologies. UOP merged with the Catalysts, Adsorbents and Process Systems division of Union Carbide in 1988, making UOP the leader in zeolites. In 1995, UOP acquired the Process Technology Licensing business of Unocal, establishing UOP as the world leader in hydroprocessing. In 1931, when UOP was acquired by a consortium of the world s largest oil companies, it became a center of research and development for the industry a leadership position that remains to this day. That year, the foremost inventor in the field of chemistry Vladimir Ipatieff joined UOP, attracting hundreds of the greatest minds in chemistry to UOP and starting an enduring legacy of research and development expertise. Under Ipatieff, UOP introduced catalysis to the industry, starting the next great revolution in refining technology. After it became part of the American Chemical Society in 1944, UOP pioneered work in fluid catalytic cracking, alkylation and isomerization and introduced the Platforming TM Process, which further improved yields and helped launch the petrochemicals industry. As an independent company during the 1960s, UOP developed the technologies that brought lead-free gasoline, the catalytic converter and the first biodegradable detergents. In 1975, UOP became part of Signal (later AlliedSignal), and expanded its expertise in refining and petrochemical technologies to natural gas processing in UOP continues to develop and implement many of the most useful and original technologies in the world. In 2003, UOP was awarded the U.S. National Medal of Technology for its history of sustained leadership and innovation for the worldwide petroleum and petrochemical industries. UOP became a wholly-owned part of Honeywell s Performance Materials and Technologies division in 2005, leading to increased investments in R&D capabilities, manufacturing and customer service. Named one of Thomson Reuters Top 100 Global Innovators, UOP today continues to develop and implement many of the most useful and original technologies in the world. Innovation is the mainstay of UOP s business the company has earned more than 12,000 patents worldwide. As demand rises for alternate feedstocks such as coal, shale oil, natural gas, heavy crude and biomass, UOP technology maximizes plant profitability by optimizing existing assets and enabling the use of abundant, cost-advantaged feedstocks for power, transportation and petrochemicals production. 3

4 Who We Are UOP processes have greatly benefited society, launching momentous changes in the history of the oil and gas industry. For more than a century, UOP engineers and chemists have excelled in turning laboratory science into industrial reality, creating the foundation for today s modern refining, petrochemical and gas processing industries. UOP processes make the fuels that power our cars, trucks, jets and locomotives. Raw materials that become the clothes we wear and fabrics we depend on are made using UOP technology. Manufacturers use UOP processes to make the detergents we use every day. The plastic films, fibers and resins we count on in our daily lives are made better with technologies developed by UOP. Today, more than 85 percent of the biodegradable detergents, 70 percent of the polyester and more than 60 percent of the world s gasoline are made using technologies developed and commercialized by UOP. Taken together, UOP technologies have enabled our modern way of living. UOP stands at the intersection of energy, economics and the economy, charting the future of the industry. We provide compelling economic solutions and continuous innovation, solid reliability and a century of expertise. And UOP remains on the cutting edge, continuing to earn groundbreaking patents and developing proprietary processes for the oil and gas industry. Our relationships with customers span decades. We ve earned our position as the leading advisor to the industry, keeping our customers competitive and their operations modern, efficient and profitable. As the world s oil and gas industry rises to meet the challenges of the future, UOP will continue to fuel the solutions that bring prosperity to the world. 4

5 Refining, Petrochemicals, Gas Processing and Renewables Refining For the last century, UOP has developed refining process technologies, designed refineries, and trained engineers to operate them successfully everywhere there is oil. Today, the demand for diesel fuel is rising, high-octane gasoline is the standard, and growing economies are continuously looking for ways to turn heavy fuel oils into lighter transportation fuels efficiently and profitably. UOP is at the forefront of the industry, providing solutions for the world s evolving refining needs. Petrochemicals UOP is at the forefront of the industry, providing solutions for the evolving needs of the oil and gas industry. Many of the things we touch every day are made from UOP petrochemical technologies. UOP s biodegradable detergent technologies continue to meet the growing worldwide demand for environmentally friendly surfactants and soaps. UOP technologies create the intermediates to make synthetic rubber, plastic packaging and polystyrene, fibers such as nylon, polyester, spandex and acrylic, as well as insulation, fiberglass, herbicides, pharmaceuticals and polycarbonates. UOP is the world leader in propylene technologies to make plastic from feedstocks such as coal, natural gas liquids and other hydrocarbon sources. Gas Processing & Hydrogen A global leader in gas processing technologies, UOP has been creating world-class solutions for the natural gas and hydrogen purification industries for more than 60 years. UOP s innovative licensed technologies and modular packaged equipment focus on removing contaminants and recovering valuable natural gas liquids. UOP s hydrogen purification systems produce reliable, high-purity hydrogen essential for petrochemical applications, upgrading heavy crude oils into refined fuels and meeting increasingly stringent fuel specifications. Renewables Global demand for sustainable, high-quality renewable diesel continues to grow. Honeywell Green Diesel TM is produced by the UOP/Eni Ecofining TM process to yield a diesel fuel chemically identical to petroleumderived diesel. Honeywell Green Jet Fuel TM is a high-quality renewable fuel that meets all aircraft specifications while reducing emissions by up to 80 percent. Rapid Thermal Processing (RTP ) technology from Envergent Technologies produces a clean-burning carbon-neutral biofuel for heat and power and can be upgraded to produce green transport fuels. 5

6 Catalysts, Adsorbents, Manufacturing, Equipment and Services Catalysts UOP is a world-leading catalyst supplier, manufacturing proprietary spherical and extruded catalysts using novel materials and techniques. UOP has developed Oleflex TM process catlaysts for the production of propylene and isobutylene. The company also invented more than 30 new zeolitic materials for refining and petrochemical processes in the last decade. Adsorbents For more than 60 years, UOP s molecuar sieve adsorbents have helped customers produce high-quality products and manage long-lasting, profitable operations. UOP has led the adsorbents industry since the 1950s, offering custom solutions to meet a wide-range of needs within the refining, petrochemical and gas processing industries. Manufacturing UOP operates manufacturing plants under Honeywell Operating System (HOS) principles to bring the highest-quality products to the market, on-time and at a competitive price. HOS employs a systematic approach that incorporates Six Sigma, Lean Thinking, Statistical Processing Control, Total Quality Management and Organizational Design to eliminate variations and improve work processes. Our plants and facilities maintain a level of ISO 9000 for processes and standards, including a certified Schedule A Quality Management System to help ensure customers get the best possible product. Equipment UOP provides technology in the form of hardware to process plants worldwide, including modular units, customized control systems, reactor internals, proprietary distillation trays, heat transfer tubing, specialized equipment, and combustion equipment. UOP delivers high-quality products on time and in line with customers expectations for the highest level of performance. Services UOP offers a broad array of services to support its process units throughout a plant s life cycle, ensuring that they are on-stream, on-spec and on-time. UOP works with and trains customers in the industry s best practices to maintain safe, reliable and profitable operations. 6

7 Research and Development UOP s staff of 2,200 world-class scientists and engineers drive important advances in process technology, profitability consultation and equipment design. With more than 3,000 active patents issued and pending worldwide, UOP files an additional 200 patent applications each year. State-of-the-art research tools improve UOP s experimental capabilities, with Velocity Product Development TM, which reduces cycle time and improves quality in bringing new to products and processes to market. The company operates more than 150 pilot plants globally that create step changes in technology and the commercialization of new processes. UOP s advanced R&D and engineering centers in Asia, North America, Europe and the Middle East bring excellence in project execution and quick solutions closer to global customers. UOP s R&D is working to drive more yield and utility from every drop of oil, every cubic foot of natural gas, and every metric ton of coal and biomass. Today, UOP s R&D is working to drive more yield and utility from every drop of oil, every cubic foot of natural gas, and every metric ton of coal and biomass. UOP is developing technologies to convert renewable feedstocks into fuels, chemicals and power, to remove contaminants to produce cleaner-burning fuels and to find better ways to produce the building blocks for plastics. For the last century, UOP s ground-breaking research and development efforts have identified industry needs, driven innovation for new and enhanced technologies and created customizable solutions to meet the world s changing demands. 7

8 UOP Locations *Locations also offering Technical Services Research and Development Sales offices Manufacturing Engineering centers North America Des Plaines, IL Riverside, IL Mobile, AL Shreveport, LA Anaheim, CA Tulsa, OK Middle East Dhahran, Saudi Arabia Asia Delhi, India Shanghai, China Hiratsuka, Japan North America Des Plaines, IL * - Headquarters Houston, TX * Mt Laurel, NJ Tulsa, OK * South America Rio de Janeiro, Brazil * Europe/Russia Antwerp, Belgium Erkrath, Germany Guildford, UK * Milan, Italy Moscow, Russia * Rolle, Switzerland Middle East Baghdad, Iraq * Dubai, UAE * Dhahran, Saudi Arabia * Asia Bangkok, Thailand Beijing, China * Delhi, India * Jakarta, Indonesia Kuala Lumpur, Malaysia Mumbai, India Seoul, Korea Singapore * Tokyo, Japan Shanghai, China Zhangjiagang, China North America Anaheim, CA Baton Rouge, LA Beggs, OK Catoosa, OK McCook, IL Mobile, AL Shreveport, LA Tonawanda, NY Europe Brimsdown, UK Reggio, Italy Asia Hiratsuka, Japan Penang, Malaysia Shanghai, China Yokkaichi, Japan North America Des Plaines, IL Houston, TX Tulsa, OK Europe Antwerp, Belgium Guildford, UK Asia Delhi, India Kuala Lumpur, Malaysia UOP LLC, A Honeywell Company Honeywell Technology 25 East Algonquin Road Des Plaines, IL , U.S.A. Tel: UOP6519 April 2014 Printed in U.S.A Honeywell All rights reserved.