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2015-08-23

Lubrizol: Lubrizol and Daelim Sign Technology Agreement

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| The Lubrizol Corporation Daelim Industrial Co., Ltd. |
| 29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298 39 Sejongno, Junggu, Seoul, Korea |
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CLEVELAND, August 22, 2015 -The Lubrizol Corporation and Daelim Industrial
announce they have signed a technology license agreement granting Lubrizol
the right to use Daelim technology for the manufacture of polyisobutylenes
(PIBs). Daelim is a leading provider of high-quality petrochemical products
and services and their technology has high value to Lubrizol, the largest
manufacturer of conventional PIB (CPIB).

The Daelim technology can produce a wide range of polyisobutylenes from CPIB
to highly reactive PIB (HR-PIB). PIB is a key raw material in the manufacture
of Lubrizol's proprietary dispersants.

This agreement is consistent with Lubrizol continuing to renew its additives
infrastructure as part of its previously announced 10-year phased investment
plan. The plan is designed to upgrade and enhance the company's global
capabilities.

"Through this agreement Lubrizol will ensure its access to process technology
that offers the company multiple benefits," states Dan Sheets, president of
Lubrizol Additives. "It provides Lubrizol formulating flexibility to meet the
evolving performance needs of the global lubricant and fuel additives markets
over time."

Jaeyul Kim, Daelim Industrial chief executive officer, says, "This agreement
demonstrates that Lubrizol recognizes the importance of Daelim's proprietary
technology and the many benefits it will provide Lubrizol in strengthening
its formulation capabilities."

With the agreement signed, Lubrizol will move into the initial engineering
phase of the manufacturing project. The expected timing from license
agreement to commercial operations at its Deer Park, TX site is projected to
be three years minimum.

About Daelim Industrial

Daelim Industrial is a construction and petrochemical company that is a part
of the Daelim Group hailing from South Korea. As the first Korean company to
build petrochemical plants in the Middle East, Daelim continues to expand
globally. Daelim builds petrochemical, refinery and power plants in more than
36 countries. Daelim also owns and operates petrochemical plants in South
Korea. Daelim manufactures a wide variety of monomer and polymer products
such as polyethylene, polypropylene, and many more such as Daelim's
conventional and highly reactive polyisobutylene, which is specifically used
for fuel and lubricant additives for use in automotive.

With headquarters in Seoul, South Korea, Daelim completed more than 600
engineering and construction projects around the world, as well as operates
manufacturing facilities in South Korea. Founded in 1939, Daelim has
approximately 5,300 employees worldwide. Revenues for 2014 were $8 billion.
For more information, visit Daelim.co.kr/Daelimchem.co.kr.

About The Lubrizol Corporation

The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven
global company that combines complex, specialty chemicals to optimize the
quality, performance and value of customers' products while reducing their
environmental impact. It produces and supplies technologies to customers in
the global transportation, industrial and consumer markets. These
technologies include lubricant additives for engine oils, driveline and other
transportation-related fluids, industrial lubricants, as well as additives
for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and
additives for home care and personal care products and pharmaceuticals, and
specialty materials, including plastics technology and performance coatings
in the form of specialty resins and additives. Our products for the oilfield
market include technologies for exploration, production and transportation.

With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing
facilities in 17 countries, as well as sales and technical offices around the
world. Founded in 1928, Lubrizol has approximately 8,000 employees
worldwide. Revenues for 2014 were $7 billion. For more information, visit
Lubrizol.com.

Media Contacts

Julie S. Young
The Lubrizol Corporation
440-347-4432
Website:
www.lubrizol.com

Jaewook Kim
Petrochemical Division
Daelim Industrial Co., Ltd.
+82-2-3708-3436
Website:
www.daelim.co.kr

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lubrizol via Globenewswire

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