Selected Financial Information

Q1 Financial Information

Highlights

On February 29, 2016, Julie Beck joined NOVA Chemicals as our new Senior Vice President and CFO. Julie comes to us from Joy Global where she previously served as Vice President of Finance and divisional CFO for Joy Global’s Underground Mining segment. She has an extensive background in corporate finance, treasury and strategy for both public and private companies.

Also, after a distinguished, 30+ year career in the chemical industry, Bill Greene, our Senior Vice President of Operations, will be retiring at the end of May. Bill joined NOVA Chemicals in 1994, after starting his career with DuPont Canada. Bill has held various leadership roles in engineering and operations over the years, serving as the Vice President of Manufacturing and Corporate Engineering before being appointed to the Management team in December 2009. He will be greatly missed at NOVA. We expect Bill’s replacement to be announced prior to his departure.

During 2015, we had record PE sales of over 3.7 billion pounds - an increase of 7% over 2014, which was supported by record Corunna ethylene production and record PE production.

Construction for the PE1 Expansion project has passed 75% completion, and the project is on track for startup in the fourth quarter of 2016. See the NOVA 2020 section of our website for further information about our NOVA 2020 growth projects.

During 2015, we generated profit of $532 million, compared to profit of $614 million during 2014. The decrease was primarily due to lower operating profit in our Olefins/Polyolefins business unit.

The Olefins/Polyolefins business unit generated $933 million of operating profit in 2015, compared to operating profit of $1,119 million in 2014. The decrease was primarily due to lower selling prices for all products and lower Corunna Olefins co-product sales volumes, which more than offset higher polyethylene sales volumes and lower feedstock costs.

The Expandable Styrenics segment generated $20 million of operating profit in 2015, compared to operating profit of $8 million in 2014. The increase was primarily due to lower feedstock costs and higher EPS sales volumes, which more than offset lower selling prices.

During 2015, our capital expenditures were $490 million; 18% lower than 2014, and primarily spent on NOVA 2020 growth projects. We currently expect our 2016 capital expenditures to be around $625 million.

Liquidity and Credit Facilities

We define liquidity as total available capacity under revolving credit facilities, less utilization (including letters of credit), plus cash and cash equivalents. As of December 31, 2015, our total liquidity was $1,450 million, including $942 million of cash and cash equivalents.

We have a $550 million senior secured revolving credit facility provided by a syndicate of lenders, which we amended in 2015 to extend the maturity date two years to December 16, 2020. As of December 31, 2015, we had utilized $42 million.

We also have two accounts receivable securitization programs (one in the U.S. and one in Canada) with maximum funding of $225 million. The U.S. program expires in January 2017 and the Canadian program expires in February 2018. The programs were undrawn at December 31, 2015.

Our senior secured revolving credit facility and our accounts receivable securitization programs are governed by a maximum senior debt-to-cash flow financial covenant and a debt-to-capitalization financial covenant. We were in compliance with these financial covenants at December 31, 2015 and expect to be in compliance over the next 12-month period.

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NOVA Chemicals Corporation (the “Company”) no longer makes its financial statements available to the general public. However, (1) holders of notes of the Company, (2) bona fide prospective investors who are either qualified institutional buyers or are non-US persons, (3) securities analysts, or (4) market makers in Company notes, can access Company information through the Company’s password-protected online data system. If you are included in any one of the above categories and wish to view Company information, please contact Carolyn Rose per the contact information provided below. Prior to providing log-in details, Ms. Rose may require proof that you fall within one of the above categories and are entitled to access to the data site.

Carolyn Rose
Senior Corporate Paralegal
E-mail: bondholder@novachem.com

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