Abu Dhabi Government-owned International Petroleum Investment Company (IPIC) has entered into an agreement with NOVA Chemicals to acquire all outstanding common shares of latter, for a cash consideration of US$6.00 per Share.

The consideration per Share represents a 348% premium over the February 20, 2009 closing price of the Shares on the New York Stock Exchange and a 204% premium over the combined and currency-adjusted 30-day volume-weighted average price of the Shares on the Toronto Stock Exchange and NYSE up to and including February
20, 2009.

The total value of the Arrangement, including assumption of NOVA Chemicals' net debt obligations, is approximately US$2.3 billion.

In addition, as part of the Arrangement, IPIC has also agreed to a US$250 million credit backstop facility to provide NOVA Chemicals with sufficient liquidity.

It should be noted that NOVA Chemicals' operations are geographically complementary, bringing together IPIC's existing petrochemicals capabilities in Europe, the Middle East and Asia and those of NOVA Chemicals which are primarily in North America.

The latest move is intended to enable NOVA Chemicals to meet all of its obligations to all of its stakeholders and will enhance NOVA Chemicals' balance sheet so that its strong assets will continue to operate and expand.