The Dow Chemical Company

Chemistry Fueling Solutions for

Gas Processing

Company Overview 2014 Sales of $58,167 million

Dow Sites Around the World Corporate Stats

• 2014 Adj. EBITDA1 of ~$9.3B

• 2014 Adj. ROC2 of 10.8%

• 2014 Cash Flow from Operations of $6.5B

• ~53,000 employees

• >6,000 product families

• Sales in ~180 countries

1Adjusted EBITDA is defined as EBITDA excluding the impact of “Certain Items.” 2Adjusted Return on Capital is on a trailing twelve-month basis and defined as Adjusted Net Operating Profit After Tax divided by Average Total Capital. “Adjusted Net

Operating Profit After Tax” is defined as Adjusted Net Income plus Preferred Stock Dividends plus Net Income Attributable to Noncontrolling Interests plus gross interest

expense less tax on gross interest expense. “Adjusted Net Income” is defined as Net Income excluding the impact of “Certain Items.” “Total Capital” is defined as Total

Debt plus The Dow Chemical Company’s Stockholders’ Equity plus Redeemable Noncontrolling Interest plus Non-redeemable Noncontrolling Interests.

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Dow Value Chain fully integrated into Oil & Gas

feedstock

We turn Crude Oil- and Natural

Gas- based raw material into

basic Chemical Building Blocks

for Dow's downstream portfolio

3

Dow investing in Natural Gas Integration

4

Caspian Oil & Gas Industry

- Strengths & Opportunities

• Kashagan oil field

• Shah Deniz & Shah Deniz 2

• Absheron gas field

• Imminent opening up of the Iran market

• Southern Gas Corridor / Expansion of gas

pipelines across Europe

South Caucasus Pipeline (SCP) through

Azerbaijan & Georgia

Trans Anatolian Gas Pipeline (TANAP) across

Turkey

Trans Adriatic Pipeline (TAP) across Greece,

Albania into Italy

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Maximizing value for Oil & Gas through Chemistry

Innovation

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Dow’s Solutions

• UCARSOL™ and SELEXOL™ Solvents

• Ethanolamines and Isopropanolamines

for gas sweetening

• Organic and Siliconic Antifoams for gas

• Heat Transfer Fluids

• NORKOOL™ DESITHERM for gas

dehydration

Gas Processing Needs

M o r e t h a n 7 0 y e a r s o f

e x p e r i e n c e a n d

b a c k e d b y m o r e t h a n

1 , 0 0 0 g l o b a l

r e f e r e n c e s i n g a s

t r e a t i n g .

Gas quality in the Caspian Sea

Varies across the Caspian Region

• Sour reserves in Kazakhstan (14% H2S) to

sweeter gas in Turkmenistan

Presence of Contaminants like

mercaptans

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Customized Offerings in Gas

Sweetening

Hybrid Solvents for

Mercaptan and organic

sulfur removal –

capturing organic sulfur

compounds requires

unique solutions

UCARSOL™ HYBRID

Series– removal of

organic sulfur and

meeting total sulfur

specification

Selective H2S –

preferentially absorbing

H2S while allowing CO2

to slip

• UCARSOL™ HS-101

for gas treating

• UCARSOL™ HS-102

for acid gas

enrichment

• UCARSOL™ HS-103

for tail gas treating

• UCARSOL™ HS-115

for liquid hydrocarbon

treating

Tunable CO2 removal –

removal of CO2 to a

desired specification

• UCARSOL™ AP-802,

AP-804, AP-806 for

removal of CO2 to

pipeline specification

• UCARSOL™ AP-810,

AP-814 for removal of

CO2 to cryogenic

specification

Refinery, low-energy

solvents –

where removal of bulk

components is desired,

but minimizing energy

is key

• UCARSOL™ LE-713,

LE-714, LE-801 –

maximize energy

savings

SELEXOL™ Solvent

Removal of acid gas, organic sulfur and hydrocarbons when there is a high partial pressure of target components

UCARSOL™ Solvents

Multiple formulations used for gas treating; each provides key benefits, depending on customer specifications

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Solutions for Engineering Companies

Many large-scale plants are designed and constructed using Dow technology. As a result,

Dow works well with almost every engineering company from pre-FEED to post-

commissioning to ensure a seamless customer experience.

Activities include:

• UOP relationship

• Long lead time/collaborating from pre-FEED stages of a project

• Work with all engineering companies

UCARSOL™ Technology

Evaluation and Selection

Process Material and

Energy Balance

Equipment Evaluation

(conversion preparation)

EPC by Reputable Company

UOP Technology and Engineering

AmineGuard FS™ and SELEXOL™

Plus start-up and ongoing technical service

Reference Customers

(provided upon request)

UCARSOL™ Manufacture

and Delivery (initial fill)

On-Site Start-Up Assistance

UCARKLEAN™

UCARSOL™ Make-Up

UCARSOL™ Laboratory Analysis

Engineering Consultation and

Computer Simulations

AMINE MANAGEMENTSM Program

Plant Optimization and

Troubleshooting

Facility Design Plant Start-Up

No

n-L

ice

ns

ed

Te

ch

no

log

y

Lic

en

se

d

Commission Time

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Collaborating with Customers for Process Optimization

R e d u c e d

E n e r g y U s a g e Ad d i t i o n a l U n i t

C a p a c i t y

I n c r e a s e

C o r r o s i o n

&

C o n t a m i n a n

t

R e d u c t i o n

O p e r a t i o n s

Tr o u b l e s h o o t i n g

M a x i m i z e d

S o l v e n t L i f e

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Refinery References: Value to Customers

Technical Solutions for Plant Optimization

Plant

Capacity Increase

Energy Reduction

Reduction in Solvent

Make-up

Reduction in Corrosion

Comments

Refinery #1 DEA UCARSOL LE

13% crude

processing

170 Billion BTU/yr

17%

10-12 mpy <5mpy

Crude process capacity increase with no capital; Lower corrosion, TOTAL COST SAVINGS: $2MM/yr

Refinery #2 MDEA UCARSOL HS

48% 350 Billion BTU/yr

20%

<3 mpy Treating capacity increase with no capital, TOTAL COST SAVINGS: $0.8MM/yr

Refinery #3 MEA UCARSOL LE

30% 700 Billion BTU/yr

59%

>10 mpy <3mpy

Treating capacity increase with no capital. Total cost savings $3MM/yr

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Refinery Reference (Russia): LPG Treater

Results:

• RSH spec achieved less 200 ppm (from 700-1300 ppm) in treated

LPG

• RSH level in downstream C5+ stream in target range 200-400 ppm

Objectives:

• Processing crude quality change

• Mercaptans (RSH) level rise

Challenges:

• Difficult to achieve RSH specs of treated LPG

• Very high feed LPG/amine flow rates in columns

Solution:

• On-line conversion from MEA to UCARSOLTM LE-777

• Service support through AMPSM to ensure smooth

transition without operational disruptions

• Amines concentration increased from 14%wt. to

40%wt.

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Dow Brands Across the Oil & Gas Value Chain

• Drilling

• Cementing

• Stimulation

• Phase

separation

• Asset integrity

• Flow assurance

• Gas injection

• Chemical flooding

• Thermal recovery

applications

• Offshore flow

assurance

• Gas

recompression

• Gas dehydration

• Gas compressor

engines

• Gas pipeline line

heaters

• Onshore and

offshore gas

processing

• LNG

• Gasification

• Acid gas

enrichment/sulfur

plants

• Ammonia

synthesis

• Acid gas removal

• LPG treating

• Isomerization and

reformer

regeneration

• Heat transfer

Our brands:

• EMBARK™

• ACCENT™

• DEMTROL™

• ROMAX™

• AQUCAR™

• ELEVATE™

• ROMAX™

• DOW

FILMTEC™

• DOW

IntegraPac™

• HYPERLAST™

• NORKOOL™

• DESITHERM™

• UCARSOL™

• SELEXOL™

• NORKOOL™

DESITHERM™

• DOWTHERM™

• SYLTHERM†

• SulFerox®

• UCARSORB™

• AMINE

MANAGEMENTS

M Program

• UCARSOL™

• SELEXOL™

• UCARSEP™

• ISOFORM™

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In the Words of Our Founder

“If you can’t do it better, why do

it?”

– Herbert H. Dow

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Thank You

®™Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow SMService mark of The Dow Chemical Company