Banc of America High Yield Bond & Leveraged Finance Conference May 21 st 2002

1. Banc of AmericaHigh Yield Bond & Leveraged Finance ConferenceMay 21st2002

2. 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 factors including but not limited to future global economic conditions, further increases in raw material and/or energy costs, access to capital markets, industry production capacity and operating rates, the supply/demand balance for the products produced by the Company and its joint ventures, competitive products and pricing pressures, technological developments, changes in governmental regulations and other risk factors. For more detailed information about the factors that could cause our actual results to differ materially, please refer to Lyondell Chemical Company's Annual Report on Form 10-K for the year ended December 31, 2001, Lyondell’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002, and the proxy statement that Lyondell will file with the SEC with respect to its special meeting of shareholders relating to the transactions with Occidental. Page 2

3. Investment Rationale • High quality assets with major market positions • Differential earnings leverage to cyclical improvement • Targeted $1 billion debt reduction at Lyondell further enhances earnings and strengthens capital structure

4. Lyondell Operates in 3 Major Businesses Lyondell Chemical Company - Intermediate Chemicals and Derivatives • World’s leading producer of PO and derivatives • 100% Ownership Equistar - Petrochemicals and Polymers • A leading North American producer of ethylene, propylene and polyethylene • Low cost position based on feedstock flexibility and scale • 41% Ownership LCR - Refining • Unique capability to refine heavy crude oils • Contractually stable business; strong cash flow generator • 58.75% Ownership

5. Businesses are Integrated and Costs Optimized Lyondell Methanol Co. Intermediate Chemicals & Derivatives Markets Methanol MTBE Propylene glycol / ethers Antifreeze / deicers Resins / solvents PO / TBA Equistar Propylene oxide Pharmaceutical Coatings Plastics Butanediol / derivatives Propylene PO / SM Polypropylene SM • Polyurethanes • Auto seating • Furniture • CASE TDI Ethylene Polyethylene • Consumer products • Grocery sacks • Toys • Packaging EO / EG LCR Polyester Antifreeze Benzene Automotive Toluene

6. Leading Positions in All Key Products IC&D Equistar * Source: CMAI, LYO capacities as of 1/1/02

7. Lyondell IC&D stability & growth LCR cash generation commodity leverage Equistar Lyondell is a balanced portfolio

8. PO&D Provides Stability & Growth Global PO Capacity Share 7.4 Billion Lbs 14 Billion Lbs 2005 1990 Source: SRl

9. LCR Important Cash Generator Improved Reliability and Crude Deliveries Drive Performance * * 4Q01: Scheduled maintenance turnaround

10. Commodity Exposure Drives Earnings • Ethylene* • 11.6 billion pounds • 1 cts/lb margin improvement adds $116 million of EBITDA • Polymers* • 5.7 billion pounds • 1 cts/lb margin improvement adds $57 million of EBITDA • Styrene • 3.7 billion pounds • 1 cts/lb margin improvement adds $13 million of EBITDA * 100% Basis for Equistar

11. Significant Cash Generation in Up-Cycle Cycle EBITDA Potential * 1995 ChemData/CMAI Margins for Ethylene, Polyethylene and Styrene applied to current infrastructure

12. Benefits of de-leveraging $1 billion debt reductiontarget at Lyondell at constant Enterprise value*: • Debt to Enterprise Value ratio impact Before: 66% After: 48% • Debt reduction provides $0.40/share after tax earnings increase from interest cost reduction • Potential $6.50/share benefit from debt reduction * Enterprise Value = Lyondell net debt + market capitalization

13. IC&D Equistar Equistar IC&D LCR LCR A balance of growth & cash generationsupports common dividend policy 2001 Proportional EBITDA $738 million Pro Forma Proportional EBITDA on 1995 Margins $2,200 million

14. Trough conditions continue . . . but business is improving • Ethylene • CMAI reports four month settlement – up 4 cts/lb • 1Q02 Equistar Petrochemical volumes 6.5% higher than 4Q01 • Propylene • April – up 2 cts/lb • May/June – ChemData projects 3 cts/lb over April • Polyolefins • ChemData estimates April up 5 cts/lb over January • Equistar 1Q02 Polymer volumes increased 3% from 4Q01 • Styrene • ChemData estimates April up 5 cts/lb over March • Lyondell 1Q02 volumes largely unchanged from 4Q01 • PO&D • April 1 TDI increase announced of 15 cts/lb • PO&D 1Q02 volumes increased 6% from 4Q01 level

15. Solid results through prudent management • Major fixed cost reductions in all areas of company • Disciplined capital expenditures • More than $400 million of cash from working capital at Lyondell & Equistar in 2001 • Safety – world class performance • Proactive management of debt maturities and liquidity

16. Significant Liquidity 1 1 1 – does not include amounts committed against letters of credit at March 31, 2002

17. Minimal Near Term Debt Maturities Debt Maturity Schedule 1 1 – LYO Revolver Expires

18. Investment Rationale • High quality assets with major market positions • Differential earnings leverage to cyclical improvement • Targeted $1 billion debt reduction at Lyondell further enhances earnings and strengthens capital structure