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What s Different Today Versus The Mid 1990 s Morgan Stanley Basic Materials Conference February 25, 2004 Dan F. Smit

Safe Harbor Language. Statements in this presentation relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are just predictions or expectations and are subject to risks and uncertainties. Actual results could differ materially, based on

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What s Different Today Versus The Mid 1990 s Morgan Stanley Basic Materials Conference February 25, 2004 Dan F. Smit

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    1. What’s Different Today Versus The Mid 1990’s? Morgan Stanley Basic Materials Conference February 25, 2004 Dan F. Smith President and CEO

    2. Safe Harbor Language

    4. We’ve Developed A Balanced Portfolio

    5. Leading Product Positions Create Significant Earnings Leverage

    6. We’ve Significantly Strengthened Our Operations

    7. Lyondell’s Portfolio Is Significantly Larger Than In The Early 1990’s Early 1990’s Today Petrochemicals - 100% Owned - 70.5% Owned & Polymers - 2 Ethylene Plants - 8 Ethylene Plants - 1 Polymer Plant - 7 Polymer Plants - 2 MEG Plants Refining - 100% Owned - 58.75% Owned - Sour Crude Refinery - Heavy Crude Refinery - PDVSA Contract IC&D - 100% Owned - 3 POSM Plants - 5 PO/MTBE Plants - Nihon Oxirane JV POSM Plant

    8. We’ve Increased Market Cap and Liquidity Late 1993 Jan-Feb 2004 Shares Outstanding 80 MM 176 MM Share Price $20 – 23 $17 – 19 Trading Liquidity ~100 M Shares/Day ~1 MM Shares/Day

    9. We Have Increased Cycle Leverage

    10. Lyondell Stock Has Performed Well In Recessions and Recoveries

    12. The Energy World Was Very Different

    13. Global Conditions Are Strikingly Similar To The Early 1990’s

    14. The Global Economy is Emerging from a Difficult Period

    15. Within The Ethylene Industry, There Are Striking Similarities Between 1993 And 2003

    16. North American Supply/Demand Balance Is On Track To Improve Significantly

    17. We Believe that Global Ethylene Supply/Demand is on a Path to a Tight Balance

    19. Historically Ethylene And Styrene Have Had The Most Leverage To A Cyclical Upturn

    20. Enterprise Earnings Capability Far Exceeds Recent Trough Results

    22. Propylene Oxide Is Differentiated From Other Commodity Petrochemicals By Its Technology Position

    24. The Lyondell Enterprise Has A Well Established Presence in Asia

    25. The Asian / Middle East Propylene And PO Chain Supply / Demand Balance Represent An Opportunity

    27. Lyondell Stock Has Performed Well In Recessions and Recoveries

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