This Annual Report contains forward-looking information with respect to NOVA Chemicals. By its nature, forward-looking information requires us to make assumptions and is subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that our assumptions may not be correct and that actual results may vary from the forward-looking information. Forward-looking information for the time periods beyond 2008 involves longer-term assumptions and estimates than forward-looking information for 2008 and is consequently subject to greater uncertainty. We caution readers of this Annual Report not to place undue reliance on our forward-looking information as a number of factors could cause actual results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking information.

The words “believe,” “expect,” “plan,” “intend,” “estimate,” or “anticipate” and similar expressions, as well as future or conditional verbs such as “will,” “should,” “would,” and “could” often identify forward-looking information. Specific forward-looking information contained in this Annual Report includes, among others, statements regarding: our expected financial performance in future periods; our beliefs about investing in our stock and that the company is built for success in a high-cost energy environment; our beliefs about and expectations for our Olefins/Polyolefins business unit, including our belief that this business unit has tremendous upside potential in a high-cost energy environment, our expectation that this business unit may have a sustained period of strong earnings, our expectation that ethylene/polyethylene markets conditions will remain strong through at least 2009, our beliefs about future oil and natural gas prices and that our Alberta Advantage has entered a new, higher range that will exceed the long-term average for the foreseeable future, our beliefs about and expectations for our Advanced SCLAIRTECH technology polyethylene business, including our expectation that volumes will continue to grow and margins will be more stable throughout the industry cycle, our expectations with respect to the timing, costs and amounts of polyethylene capacity expansions and modernization projects at our Alberta and Ontario facilities, and our beliefs about expansion of ethane extraction capabilities in Alberta, including our expectations concerning the potential production capacities of the proposed development of an ethane extraction plant with Aux Sable Canada Ltd. and our expectations concerning our letter of intent with Williams Energy Canada to evaluate off-gas streams from the Alberta oil sands to extract ethane; our beliefs and expectations regarding our Performance Styrenics business unit, including our expectation that this business unit will become a meaningful contributor to our revenue and earnings by the end of 2008, our beliefs about our styrenic polymer Performance Products and the advantages they can provide for our customers, our belief that our styrenic polymer Performance Products can earn significant margins over standard products, and our plans for and expectations of our downstream businesses and ventures, including our belief that we are past the investment phase with respect to these businesses and ventures and they are positioned for revenue growth; our beliefs and expectations concerning our expanded joint venture with INEOS, including the target of $80 million in additional per year synergies, and our beliefs regarding the joint venture’s future actions; our expectations with respect to the global styrenics industry and our belief that there are improving market fundamentals that will lead to increased operating rates and restored profitability; our beliefs about INEOS NOVA’s leverage to improvements in industry profitability and how that will impact our earnings; our beliefs about lower Canadian corporate tax rates; our competitive advantages; and ability to compete successfully; and general economic conditions.

With respect to forward-looking information contained in this Annual Report, we have made material assumptions regarding, among other things: future oil, natural gas, natural gas liquids and benzene prices; our ability to obtain raw materials; our ability to market products successfully to our anticipated customers; the impact of increasing competition; corporate tax rates; capacity additions; global GDP growth; and our ability to obtain financing on acceptable terms. Some of our assumptions are based upon internal estimates and analyses of current market conditions and trends, management plans and strategies, economic conditions and other factors and are necessarily subject to risks and uncertainties inherent in projecting future conditions and results.

Some of the risks that could affect our future results and could cause results to differ materially from those expressed in our forward-looking information include: commodity chemicals price levels (which depend, among other things, on supply and demand for these products, capacity utilization and substitution rates between these products and competing products); feedstock availability and prices; operating costs; terms and availability of financing; technology developments; currency exchange rate fluctuations; starting up and operating facilities using new technology; realizing synergy and cost savings targets; our ability to implement our business strategy; meeting time and budget targets for significant capital investments; avoiding unplanned facility shutdowns; safety, health and environmental risks associated with the operation of chemical plants and marketing of chemical products, including transportation of these products; public perception of chemicals and chemical end-use products; the impact of competition; changes in customer demand, including customer acceptance of our higher value polyethylene manufactured using Advanced SCLAIRTECH technology and our styrenic polymer Performance Products; changes in, or the introduction of new laws and regulations relating to our business, including environmental, competition and employment laws; loss of the services of any of our executive officers; uncertainties associated with the North American, South American, European and Asian economies; terrorist attacks; severe weather and other risks detailed from time to time in our publicly filed disclosure documents and securities commission reports.

Our forward-looking information is expressly qualified in its entirety by this cautionary statement. In addition, the forward-looking information is made only as of the date of this Annual Report, and except as required by applicable law, we undertake no obligation to update publicly this forward-looking information to reflect new information, subsequent events or otherwise.